First, the company profile
Lingkang Pharmaceutical Group Co., Ltd., founded in 2003, is an innovative group enterprise integrating pharmaceutical R & D, production and sales. After ten years of entrepreneurship and development, it has become a high-tech and high-growth group enterprise with strong strength in China's pharmaceutical industry. The company is mainly engaged in the research and development, production and sales of chemical prescription drugs, adheres to the market-oriented product development strategy, and attaches importance to production technology and process innovation. it has a number of varieties with a leading market share in the fields of parenteral nutrition, anti-infection and digestive system, and has a number of reserves and products under research with good market prospects.
Second, competitive advantage
1. Outstanding advantages in technology and brand
The group company is highly recognized by the state, province and municipal government. It has won honors such as "National High-tech Enterprise", "China New industrialization contribution Award", "China Patent Excellence Award", "Advanced Unit for implementing famous Brand Strategy", "Hainan Industrial quality and benefit demonstration Enterprise", "Haikou innovative Enterprise" and so on. The company's leading product "alanyl glutamine for injection" won the Ministry of Science and Technology "National key New products" and "injection fructose" won the Ministry of Science and Technology "National Fire moment Plan Project". A number of pharmaceutical products developed by the company have won the "Science and Technology Progress Award". A number of trademarks such as "Xinkunchang" and "Ruibqi" have been recognized as famous trademarks of Hainan Province by the Hainan provincial government.
2. The whole factory has passed the GMP certification
The company has small volume injection (including anti-tumor), powder injection (including cephalosporins), freeze-dried powder needles (including cephalosporins, anti-tumor), oral solid preparations and other production lines, the factory has passed GMP certification.
3. The strategy is clear
The company has planned and formulated a long-term strategy for drug research and development, has made a number of scientific research achievements and national patents, and has set up five medical research institutes, such as Hainan Haijian Science and Technology Co., Ltd., and has established good cooperative relations with a number of universities and scientific research institutions at home and abroad. At present, the company has a series of products such as antibiotics, nervous system, circulatory system, blood system, digestive system, nutrition and electrolyte supplement.
4. Sound sales system
The company has set up investment promotion offices and regional contact points in various provinces throughout the country, establishing and perfecting a modern marketing management system. In 2008, Zhejiang Ruiji Pharmaceutical Co., Ltd. was established in Hangzhou, Zhejiang Province. The company will further increase the construction of the market network and form a multi-level and multi-channel stable market development system and sales network.
III. Profit forecast and valuation
It is estimated that the EPS in 2015-17 is 0.80,0.88 and 1.02 yuan respectively. The offering price is 11.7 yuan and the price-to-earnings ratio is 22.98 times, which is lower than the average level of comparable companies. Taking into account the company's brand status, marketing system, growth prospects and the current competition in the industry, it is recommended to apply for a purchase rating.
Risk tips: intensified competition in the industry, lower-than-expected projects, etc.
